Things about Leasing Services You Probably Didn’t Know

leasing services in Crown Point, IN

What to do when you need a piece of new equipment for your small business but don’t have the funds to buy it? leasing services in Crown Point, IN, relieve you from such distress. Leasing services provide you the liberty to use an item you currently cannot own but require. By leasing it, you can technically own it for a written period by paying a fixed amount. You can lease a piece of equipment, furniture, cars, gadgets, or anything you need for a short period. Some companies provide various leasing services in Crown Point, IN.

Significant types of leasing services

There are three main types of leasing:

  1. Finance leasing

Finance leasing is a long-term lease based on the equipment’s expected life. It runs for three years or more; if the company doesn’t want it back, you can sell it. You must show the lease as a company asset on your balance sheet.

  1. Operating leasing

Operating leasing is when you don’t need the product for a very long period or till its working life. Opt for this lease when you want something for a short time. You won’t have to show assets from this lease on your balance sheet.

  1. Contract hire

This leasing service is generally used for company cars. The leasing company also takes responsibility for management and maintenance. The assets are not to be shown on the balance sheet.

Why do you need leasing services in Crown Point, IN?

Before opting to buy or lease, know if you need it or not. Cost is a significant factor, and decisions in business need to be taken wisely. While buying will cost you your full money, leasing will save your company’s wallet. Reasons why you need leasing services in Crown Point, IN are-

  1. Less expensive
  2. Leasing gives you the freedom to keep up with the updates
  3. Reduces responsibility of ownership
  4. It builds a business relationship
  5. Increases your cash flow- you didn’t buy it
  6. Leasing is flexible. Pay when you need it
  7. Has tax benefits